You borrowed $35,000 to buy a new car from abank at an interest rate of 10.2% compounded monthly.This loan will be repaid in 96 equal monthly installments over eight years. Immediately after the 36thpayment, you desire to pay the remainder of the loanin a single payment. Compute this lump-sum amount

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A: Given that, Annual interest rate = 7% Quarterly interest rate = 7%/4 = 1.75% Number of quarterly…

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Q: One invested $10,000 five years ago. The first three years, the investment earned 12% compounded…

A: here we calculate the amount of money accumulated in five years as follow;

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A: P = $3200t = 4 year(Semi annually)r = 6.5% Here, P = Principalt = Timer = Rate of interest

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A: When an amount is compounded annually, interest keeps added on for the compounding year after year.

Q: If you borrowed $32,000 for 72 months at 16.5% with an add-on loan, what would be your monthly…

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Q: just inherited $250,000 from my uncle’s estate. I would like to place that amount in the bank and…

A: Given the information: Inherited amount = $250000 Time = 15 years Interest rate = 12%

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Q: A person needs $19,000 immediately as a down payment on a new home. Suppose that she can borrow this…

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